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Japanese Market Loses

(RTTNews) - The Japanese stock market is losing, while the safe-haven yen strengthened on Wednesday following the weak cues overnight from Wall Street amid a pullback by bond yields and on uncertainty ahead of the release of the minutes of the Federal Reserve's July meeting later today.

The benchmark Nikkei 225 Index is down 126.19 points or 0.61 percent to 20,551.03, after touching a low of 20,482.62 in early trades. Japanese shares rose on Tuesday.

The major exporters are mostly lower on a stronger yen. Canon and Mitsubishi Electric is declining more than 1 percent each, while Sony is down 0.4 percent. Panasonic is edging up less than 0.1 percent.

In the tech space, Advantest is rising more than 1 percent and Tokyo Electron is higher by almost 1 percent.

Mobile carrier NTT Docomo said it will start taking pre-orders again for Huawei Technologies devices after the U.S. Commerce Department extended a temporary reprieve from sanctions for the Chinese technology giant to November 17.

Market heavyweight SoftBank is losing more than 3 percent and Fast Retailing is up 0.3 percent. In the auto sector, Honda Motor is lower by 0.4 percent and Toyota Motor is edging down 0.1 percent.

Among oil stocks, Japan Petroleum is edging lower by 0.1 percent and Inpex is declining almost 1 percent even as crude oil prices rose modestly overnight.

Among the other major losers, Kikkoman Corp., Tokyo Electric Power, Toyobo Co. and AGC Inc. are losing more than 3 percent each.

On the economic front, Japan will provide July data for supermarket and department store sales today.

In the currency market, the U.S. dollar is trading in the lower 106 yen-range on Wednesday.

On Wall Street, stocks closed lower on Tuesday amid a pullback by bond yields, which moved back to the downside following the rebound seen in the previous two sessions. Traders also expressed some uncertainty ahead of the release of the minutes of the Federal Reserve's July meeting on Wednesday. The minutes, along with Fed Chairman Jerome Powell's speech on Friday, may shed additional light on the outlook for interest rates.

The Dow slid 173.35 points or 0.7 percent to 25,962.44, the Nasdaq fell 54.25 points or 0.7 percent to 7,948.56 and the S&P 500 slumped 23.14 points or 0.8 percent to 2,900.51.

The major European markets also moved to the downside on Tuesday. While the U.K.'s FTSE 100 Index slumped by 0.9 percent, the German DAX Index and the French CAC 40 Index fell by 0.6 percent and 0.5 percent, respectively.

Crude oil futures ended marginally higher on Tuesday, with traders looking ahead to weekly inventory reports. WTI crude for September expired at $56.34 a barrel, gaining $0.13 or about 0.2 percent. WTI oil futures for October settled slightly lower at $56.13 a barrel.
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